Remittances through International Money Transfers Operators hits $4.18 billion -CBN, Cardoso

The unified foreign exchange regime has yielded desired results with remittances through International Money Transfers Operators hitting $4.18 billion in the first three quarters of 2024, compared to $2.33 billion in the same period of 2023.

The Governor of the Central Bank of Bank (CBN), Mr. Olayemi Cardoso, disclosed this at the Monetary Policy Stakeholders Forum, in Abuja, this afternoon.

According to him, “Beyond monetary policy, the bank undertook critical reforms to strengthen the financial system and ensure macroeconomic stability:

“Unified multiple exchange rate windows to enhance efficiency in the FX market.

“This reform yielded tangible results, with remittances through International Money Transfer Operators (IMTOs) rising 79.4 percent in the first three quarters of 2024 to US$4.18 billion, compared to US$2.33 billion in the same period of 2023.”

Mr. Cardoso described the forum as “a focused platform for rigorous intellectual discourse, providing an opportunity to examine monetary policy formulation, implementation, and outcomes,” adding, “Unlike broader economic conferences, our discussions here are designed to address monetary policy challenges with precision, offering evidence-based insights to enhance policy effectiveness.”